SEOUL, Oct 16 (Reuters) - Sales at South Korea's top three department stores in September jumped at the fastest pace in eight months, data showed on Friday, fresh evidence of a sustained recovery in domestic demand.
'Based on department store sales data, domestic consumption is recovering fast and the improving trend will likely continue in line with the overall economic recovery,' a Ministry of Knowledge Economy official said.
Combined sales at Lotte Shopping Co Ltd, Shinsegae Co Ltd and Hyundai Department Store Co Ltd soared 8.6 percent in September over a year earlier, the seventh consecutive month of annual growth and the biggest gain since January's 10.4 percent, the ministry said.
The growth more than doubled from June and July.
However, combined sales at big discount stores fell 6.0 percent in September from a year earlier, the fourth month of declines and worse than a 1.5 percent drop in August, as they were open one day less than department stores, it said.
(Reporting by Seo Eun-kyung; Editing by Jonathan Hopfner) ((eunkyung.seo@thomsonreuters.com;+822 3704 5648; Reuters Messaging:eunkyung.seo.reuters.com@reuters.net)) Keywords: KOREA ECONOMY/RETAIL (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'Based on department store sales data, domestic consumption is recovering fast and the improving trend will likely continue in line with the overall economic recovery,' a Ministry of Knowledge Economy official said.
Combined sales at Lotte Shopping Co Ltd, Shinsegae Co Ltd and Hyundai Department Store Co Ltd soared 8.6 percent in September over a year earlier, the seventh consecutive month of annual growth and the biggest gain since January's 10.4 percent, the ministry said.
The growth more than doubled from June and July.
However, combined sales at big discount stores fell 6.0 percent in September from a year earlier, the fourth month of declines and worse than a 1.5 percent drop in August, as they were open one day less than department stores, it said.
(Reporting by Seo Eun-kyung; Editing by Jonathan Hopfner) ((eunkyung.seo@thomsonreuters.com;+822 3704 5648; Reuters Messaging:eunkyung.seo.reuters.com@reuters.net)) Keywords: KOREA ECONOMY/RETAIL (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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